CYPRESS POINT INVESTMENT MANAGEMENT LP

Cypress Point Investment Management's $424.5 million Q1 2026 book is a pure-play small/mid-cap software portfolio (32 positions, no megacap ballast), and this quarter it shrank overall — total assets fell from $465.0 million to $424.5 million — even as the fund made its most aggressive buy yet. ServiceTitan went from a rounding-error 0.8% stake to a 6.0% position: shares up nearly 11x, a genuine $23.5 million commitment and the largest true flow anywhere in the book. Paymentus more than tripled (+220%, $14.7 million) and Procore rose 54% ($9.7 million). The other side of the ledger cut hard into recent momentum names: Planet Labs was trimmed in half (-52%, -$13.3 million, the book's largest reduction) and DraftKings was cut by the same proportion (-$6.7 million). Four positions were closed out entirely — Sprinklr, DocuSign, ZoomInfo and Netskope, together over $50 million — with the proceeds partly redeployed into new stakes in MongoDB, Guidewire, Workiva, and a speculative AI-infrastructure bet on Nebius Group.